- Gannett (GCI -0.1%) has announced an early debt paydown, making a prepayment of about $36.2M on its senior secured term loan facility.
- That cuts the outstanding principal under that facility to $1.756B from $1.792B.
- The payment was funded with cash that included proceeds from the sale of a local facility.
- Reducing leverage is a high priority, CEO/Chairman Michael Reed says: “We continue to expect that real estate sales will enable us to accelerate our debt reduction plan. In addition to this recent sale, we have another $30 million of real estate sales under contract."